Ravita Engineering Services is set to debut on the NSE SME platform on Thursday, with shares trading at a muted grey market premium of around 1%, indicating expectations of a listing marginally above the issue price. The ₹116.05 crore IPO, priced at ₹105–112 per share, was subscribed 7.11 times overall during its October 14-16, 2026 subscription period.
The IPO demonstrated strong institutional demand with qualified institutional buyers (QIBs) leading at 13.21 times subscription, followed by non-institutional investors (NIIs) at 7.42 times and individual investors at 3.50 times. The IPO comprised an entirely fresh issue of 1.04 crore shares with a minimum application lot of 1,200 shares. At the upper price band, retail investors required a minimum investment of ₹2,68,800 for 2,400 shares.
According to reports from The Economic Times, the company's revenue from operations increased significantly from ₹13.49 crore in FY24 to ₹277.63 crore in FY26. In FY26, Ravita Engineering Services reported EBITDA of ₹40.05 crore and PAT of ₹28.04 crore. As of March 31, 2026, the company employed 399 permanent employees, including 369 deployed at project sites, with an order book covering EPIC, O&M and hybrid projects across its three business segments.
As per the latest company disclosures, Ravita Engineering Services operates as an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis. The company also provides comprehensive operation and maintenance (O&M) services for both projects executed by them and systems installed by third-party solution providers. Currently, the company is engaged in execution of a specialized niche engineering project involving laying of sub-sea discharge pipelines for an effluent treatment plant (ETP) at a crude oil import terminal operated by Numaligarh Refinery Limited in Paradip, Odisha.
Vivro Financial Services Pvt. Ltd. serves as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. acts as the registrar. The IPO structure was designed with the price band fixed at ₹105–112 per share, providing flexibility for investors while maintaining the company's fundraising objectives for its business expansion plans. The company has also received a work order for laying of pipeline in ETP discharge facility at Crude Oil Import Terminal, Paradip, Odisha from Numaligarh Refinery Limited, which has contributed to its cumulative order book of above ₹47,500 lakhs across onshore, offshore and data centre verticals.
